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How to fill out ftb form 3520 instructions

How to fill out FTB Form 3520 instructions:

1. Start by downloading the FTB Form 3520 from the California Franchise Tax Board (FTB) website or obtain a physical copy from a local FTB office.
2. Read the instructions carefully, ensuring you understand the purpose and requirements of the form.
3. Begin filling out the form by providing your personal information, including your name, Social Security number, and contact details.
4. Next, enter the tax year for which you are filing the form. This should be the same as the tax year for which you are reporting offshore financial accounts or foreign trusts.
5. If you have multiple accounts or trusts to report, attach additional sheets as necessary and clearly label them to match the corresponding sections on the form.
6. Proceed to Section A, where you will provide detailed information about each foreign financial account or trust you are reporting. This includes the account or trust's name, address, and account number.
7. If you received distributions, contributions, or an interest in a foreign entity, fill out the appropriate sections in Part II.
8. Part III of the form requires you to provide information about any foreign transactions or investments, including purchases, sales, exchanges, or distributions from foreign entities.
9. Check the corresponding boxes under Part IV to indicate any changes to previously reported accounts or trusts.
10. Finally, carefully review your completed form to ensure accuracy, sign and date it, and attach any required documentation.
11. Keep a copy of the completed form and supporting documents for your records.
12. Submit the completed Form 3520 to the FTB by the appropriate deadline, typically alongside your California state tax return.

Who needs FTB Form 3520 instructions?

1. Individuals who have foreign financial accounts, including bank accounts, brokerage accounts, and certain types of retirement plans, with a combined value exceeding a certain threshold.
2. Individuals who have an interest in a foreign trust, even if they are not the trustee.
3. Those who have received certain gifts or inheritances from foreign individuals or entities.
4. Taxpayers who have engaged in certain specified transactions with foreign entities, such as buying or selling securities or real estate.
5. Non-resident aliens who engaged in business or trade within California and meet specific criteria.

Please note that while this provides a general overview, it is important to refer to the specific instructions provided by the California Franchise Tax Board for complete and accurate guidance in filling out the FTB Form 3520.

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